"The social system of private property and limited government is the only system that tends to debarbarize all those who have the innate capacity to acquire personal culture."
~Ludwig von Mises

Oct 23, 2007

Jim Rogers: Sell U.S. dollars, buy Chinese yuan

I'm in the process of -- I hope in the next few months -- getting all of my assets out of U.S. dollars. I'm that pessimistic about what's happening in the U.S.

It's the official policy of the central bank and the U.S. to debase the currency.

The U.S. dollar is and has been the world's reserve currency, the world's medium of exchange. That's in the process of changing. The pound sterling, which used to be the world's reserve currency, lost 80 percent of its value, top to bottom, as it went through the whole period of losing its status as the world's reserve currency.

[The Chinese renminbi is] the best currency to buy right now. I don't see how one can really lose on the renminbi in the next decade or so. It's gotta go. It's gotta triple. It's gotta quadruple. [China is] going to be the most important country in the 21st century.